The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
https://www.proactiveinvestors.co.uk/LON:TXP/Touchstone-Exploration-Inc/rns/495753
"Luckily" I caught the bottom of the tank, and managed to average down from 139 to 101. Obviously in for bigger losses too but lets hoping. As Delboy would espouse "He who dares Rodders"
h ttps://oilprice.com/Energy/Energy-General/Exxon-Discovers-Even-More-Oil-In-Guyana.html
Exxon (with Hess) has announced another (the 15th) discovery offshore Guyana in the Stabroek block, just days after they started producing first oil from the Liza field (ahead of schedule). The new discovery, Mako-1, uncovered around 164 feet of high-quality oil-bearing sandstone reservoir after drilling in 5,315 feet of water. Without this latest discovery, Stabroek already has over 6 billion boe of gross recoverable resource.
• While Exxon and Hess are tearing it up in Guyana, Tullow stocks are taking another beating on data showing only four meters of net oil pay at its Carapa-1 exploration well in the Guyana Kanuku offshore license. Repsol Exploración Guyana, S.A. is the operator of the Kanuku block with a 37.5% stake. Tullow Guyana B.V. also holds a 37.5% stake with Total E&P Guyana B.V. holding the remaining 25%. This is the second major hit for Tullow in Guyana in recent months (the first was low-quality results in the Orinduik block), and stocks are now diving because analysts view the results as indicative of low likelihood of commercial oil.
• Shell says it’s made a “significant” natural gas discovery offshore Australia at the Bratwurst-1 exploration well. This could tie back to Shell’s Prelude FLNG facility, which is about 160 kilometers from the new discovery. The discovery comes as Shell divests the last of its US Haynesville shale assets.
• Exxon has acquired more than 1.7 million exploration acres offshore…
Uganda govt says not concerned by heavy debt load, to borrow cautiously
reuters.com · 08/01/2019, 15:18:21
Uganda said on Tuesday its ballooning public debt was sustainable and it would borrow with care in the future, dismissing concerns from the central bank and the government's auditor that growing indebtedness posed risks to the economy.
The East African nation's appetite for credit has accelerated over the last decade, fuelled by leader Yoweri Museveni's plans to expand transport and energy infrastructure.
But critics say the escalating borrowing could spark a crisis along the lines of those the country experienced in the 1990s and early 2000s before the World Bank forgave loans.
"The risk for government defaulting on debt repayment is non-existent," Finance Minister Matia Kasaija told a news conference in the capital Kampala. However, future borrowing would be done "cautiously and selectively" to avoid potential risks.
As of June, Uganda's total public debt stood at 41.5 percent of GDP, Kasaija said. The central Bank of Uganda (BoU), however, said last year the debt stock including credit agreed but not yet disbursed topped 50 percent of GDP.
A senior BoU official has said that unless economic growth reached 7 percent, debt servicing would become a problem. The bank expects the economy is to grow 6 pct in the year to June 2019.
Auditor general, John Muwanga, said in a report last month that Uganda's public debt sustainability "fares poorly" because its tax-to-GDP ratio was low.
Much of the credit acquired in recent years was sourced from China, stoking criticism from the opposition which accuses Beijing of front-loading Uganda with unsustainable debt on the expectation of tapping oil revenues.
Uganda expects to start pumping crude by 2021 from fields in the western part of the country, near the border with Democratic Republic of Congo. China's China National Offshore Oil Corporation CNOOC co-owns the fields alongside France's Total and UK's Tullow Oil .
China is also expected to offer landlocked Uganda another credit line worth about $3.5 billion to fund construction of a railway from Kampala to the border with Kenya, its neighbour and gateway to the sea.
UK's Tullow oil seeking partners in bid for additional Ghana block
reuters.com · 06/12/2018, 20:04:02
UK oil explorer Tullow Oil is seeking partners in a bid to acquire a new oil block in Ghana which launched its first oil bidding round in October, the company's managing director Kweku Awotwi said on Thursday.
Tullow is already lead operator of two oil fields in Ghana including its flagship offshore Jubilee field, with cumulative output currently at around 160,000 barrels per day, Awotwe told reporters in Accra.
Ditto.
Tullow Oil’s latest Guyana discovery is a positive boost, even if market speculators have no time for nuance
h ttps://www.proactiveinvestors.co.uk//companies/news/909918/tullow-oils-latest-guyana-discovery-is-a-positive-boost-even-if-market-speculators-have-no-time-for-nuance-909918.html
Tough year for firms as Tullow deal is delayed
Saturday December 28 2019
h t t p
s://www.theeastafrican.co.ke/business/Tough-year-for-firms-as-Tullow-deal-is-delayed/2560-5400172-fudrdf/index.html
Offshore Giant Awakens: Exxon’s Sweetheart Deal in Guyana Sparks IMF Concern as Deepwater Potential Grows
h t t p s://gcaptain.com/exxons-sweetheart-deal-in-guyana-sparks-imf-concern-as-deepwater-discovery-grows/
Tullow Oil on the Gas challenge
The Managing Director of Tullow Oil Kweku Awotwi at the recent meeting with Journalist in Accra noted that the challenge has also been influenced by lack of demand from the Ghana National Petroleum Company (GNPC).
This he said, is due to the government has given priority to taken gas from Sankofa field.
He, however, maintained that “If less Sankofa gas is offered and GNPC nominate more of Jubilee gas, the current plant capacity could max out”
Proposed solutions by TULLOW Oil
Mr Awotwi also announced that Tullow Oil and GNPC are in discussions to increase gas export and increased offtake is anticipated.
The government is also creating more demand by the relocation of the power barge to the Western Region and switching it to gas, there are also plans to export gas from the Western region to Tema through the West African Gas Pipeline.
“We are therefore optimistic that more gas demand will occur allowing us to export more gas,” Mr Awortwi.
Revenue loss
The Deputy Minister maintains that he does not think the government’s revenue would be affected badly.
He added that from what they are seeing he does not think that the impact would be that bad.
However, Dr Amin Adam was quick to add that, based on what they are currently doing, he does not think that the issue would even linger on that long for the projected loss on the government revenue to even be realized.
This is because based on the work that the government is doing, the majority of the problems could be addressed soon. He maintained that the government is committed to dealing with all the issues in the country’s oil sector and as well as other issues identified.
Background
Tullow Oil over the years has struggled in having the government take up its gas that it produces from the Jubilee Oil and TEN Oil field.
This is despite the fact that based on some agreements reached with the government before starting exploration; the gas is to be supplied to its partners for free.
This has forced Tullow Oil to either flare the gas produced from the two fields or re-inject into the wells or oil reservoir, which experts say could affect oil production and even threaten the structural integrity of the oil wells on the two fields.
The government says it has set up a committee that would look into the gas supply challenges facing Tullow oil to find a lasting solution to these problems.
Deputy Minister of Energy Dr Mohammed Amin Adam disclosed this in an interview with JoyBusiness.
The committee put together by the Energy Ministry comprises of all the oil and gas producers operating in the country’s oil fields.
Dr Amin said the committee would look at building consensus around the issues in terms of how to deal with the challenge.
He noted that looking at the progress that has been made so far, they are hopeful most of the problems may be addressed by the end of this year.
The Deputy Minister explained that they are being constrained to “taking” the gas from the Jubilee field because of the take or pay the obligation in the OTCP contract, “that is why we are trying to reach some consensus with the players in helping address the issues”
Dr Amin also added that the government is working to reduce gas supply from Nigeria as another option; a development that would help improve gas taken from Jubilee and TEN oil fields in the country.
He also noted that giving Ghana’s demand, this means that the country has to reduce gas taken from other producers to increase supply from Jubilee fields.
Govt sets up committee to address Tullow’s gas supply challenges
https://www.myjoyonline.com/business/2019/December-20th/govt-sets-up-committee-to-address-tullows-gas-supply-challenges.php